(n) Provisions, contingent liabilities and contingent
assets:

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that the Company will be

required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation.

When some or all of the economic benefits required to
settle a provision are expected to be recovered from a
third party, a receivable is recognised as an asset if it
is virtually certain that reimbursement will be received
and the amount of the receivable can be measured
reliably.

Contingent liabilities are disclosed when there
is a possible obligation arising from past events,
the existence of which will be confirmed only by
the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control
of the Company or a present obligation that arises
from past events where it is either not probable that
an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount cannot
be made.

(o) Financial instruments:

Financial assets and financial liabilities are recognised
when a Company becomes a party to the contractual
provisions of the instruments

Financial assets and financial liabilities are initially
measured at fair value. Transaction costs that are
directly attributable to the acquisition or issue of
financial assets and financial liabilities (other than
financial assets and financial liabilities at fair value
through profit or loss) are added to or deducted from
the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs
directly attributable to the acquisition of financial
assets or financial liabilities at fair value through profit
or loss are recognised immediately in profit or loss.

(p) Financial assets:

All regular way purchases or sales of financial assets
are recognised and derecognised on a settlement date
basis. Regular way purchases or sales are purchases or
sales of financial assets that require delivery of assets
within the time frame established by regulation or
convention in the market place.

All recognised financial assets are subsequently
measured in their entirety at either amortised cost
or fair value, depending on the classification of the
financial assets.

Classification of financial assets

Debt instruments that meet the following conditions
are subsequently measured at amortised cost (except
for debt instruments that are designated as at fair
value through profit or loss on initial recognition):

i. the asset is held within a business model whose
objective is to hold assets in order to collect
contractual cash flows; and

ii. the contractual terms of the instrument give rise
on specified dates to cash flows that are solely
payments of principal and interest on the principal
amount outstanding.

For the impairment policy on financial assets measured
at amortised cost.

Investments in subsidiaries: All investments in
subsidiaries are valued at cost.

All other financial assets are subsequently measured
at fair value.

Effective interest method:

The effective interest method is a method of calculating
the amortised cost of a debt instrument and of
allocating interest income over the relevant period.
The effective interest rate is the rate that exactly
discounts estimated future cash receipts (including all
fees and points paid or received that form an integral
part of the effective interest rate, transaction costs and
other premiums or discounts) through the expected
life of the debt instrument, or, where appropriate, a
shorter period, to the net carrying amount on initial
recognition.

Income is recognised on an effective interest basis for
debt instruments other than those financial assets
classified as at FVTPL. Interest income is recognised in
profit or loss and is included in the "Other income" line
item.

Financial assets at fair value through profit and
loss:

Investments in equity instruments are classified as at
FVTPL, unless the Company irrevocably elects on initial
recognition to present subsequent changes in fair
value in Other Comprehensive Income for investments
in equity instruments which are not held for trading.

A financial asset that meets the amortised cost criteria
or debt instruments that meet the FVTOCI criteria may
be designated as at FVTPL upon initial recognition if
such designation eliminates or significantly reduces a
measurement or recognition inconsistency that would
arise from measuring assets or liabilities or recognising
the gains and losses on them on different bases.

Financial assets at FVTPL are measured at fair value
at the end of each reporting period, with any gains or
losses arising on remeasurement recognised in profit
or loss. The net gain or loss recognised in profit or loss
incorporates any dividend or interest earned on the
financial asset and is included in the 'Other Income'
line item. Dividend on financial assets at FVTPL is
recognised when the Company's right to receive the
dividend is established, it is probable that the economic
benefits associated with the dividend will flow to the
entity and the amount of dividend can be measured
reliably.

Impairment of financial assets:

The Company applies the expected credit loss model
for recognising impairment loss on financial assets
measured at amortised cost, trade receivables, other
contractual rights to receive cash or other financial
asset, and financial guarantees not designated as at

fvtpl.

Expected credit losses are the weighted average
of credit losses with the respective risks of default
occurring as the weights. Credit loss is the difference
between all contractual cash flows that are due to the
Company in accordance with the contract and all the
cash flows that the Company expects to receive (i.e.
all cash shortfalls), discounted at the original effective
interest rate (or credit-adjusted effective interest rate
for purchased or originated credit-impaired financial
assets).

The Company measures the loss allowance for a
financial instrument at an amount equal to the lifetime
expected credit losses if the credit risk on that financial
instrument has increased significantly since initial
recognition.

When making the assessment of whether there has
been a significant increase in credit risk since initial
recognition, the Company uses the change in the
risk of a default occurring over the expected life of
the financial instrument instead of the change in
the amount of expected credit losses. To make that

assessment, the Company compares the risk of a
default occurring on the financial instrument as at
the reporting date with the risk of a default occurring
on the financial instrument as at the date of initial
recognition and considers reasonable and supportable
information, that is available without undue cost or
effort, that is indicative of significant increases in credit
risk since initial recognition.

For trade receivables or any contractual right to
receive cash or another financial asset that result from
transactions that are within the scope of Ind AS 18, the
Company always measures the loss allowance at an
amount equal to lifetime expected credit losses.

Further, for the purpose of measuring lifetime expected
credit loss allowance for trade receivables, the
Company has used a practical expedient as permitted
under Ind AS 109. This expected credit loss allowance
is computed based on a provision matrix which takes
into account historical credit loss experience and
adjusted for forward-looking information.

Derecognition of financial assets:

The Company derecognises a financial asset when
the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and
substantially all the risks and rewards of ownership
of the asset to another party. If the Company neither
transfers nor retains substantially all the risks and
rewards of ownership and continues to control the
transferred asset, the Company recognises its retained
interest in the asset and an associated liability for
amounts it may have to pay. If the Company retains
substantially all the risks and rewards of ownership of
a transferred financial asset, the Company continues
to recognise the financial asset and also recognises a
collateralised borrowing for the proceeds received.

On derecognition of a financial asset in its entirety, the
difference between the asset's carrying amount and the
sum of the consideration received and receivable and
the cumulative gain or loss that had been recognised
in Other Comprehensive Income and accumulated in
equity is recognised in profit or loss if such gain or loss
would have otherwise been recognised in profit or loss
on disposal of that financial asset.

On derecognition of a financial asset other than
in its entirety (e.g. when the Company retains an
option to repurchase part of a transferred asset), the
Company allocates the previous carrying amount of

the financial asset between the part it continues to
recognise under continuing involvement, and the part
it no longer recognises on the basis of the relative fair
values of those parts on the date of the transfer. The
difference between the carrying amount allocated
to the part that is no longer recognised and the sum
of the consideration received for the part no longer
recognised and any cumulative gain or loss allocated
to it that had been recognised in Other Comprehensive
Income is recognised in profit or loss if such gain or loss
would have otherwise been recognised in profit or loss
on disposal of that financial asset. A cumulative gain or
loss that had been recognised in Other Comprehensive
Income is allocated between the part that continues to
be recognised and the part that is no longer recognised
on the basis of the relative fair values of those parts.

Financial Liability:

Financial liabilities are classified and measured at
amortised cost or FVTPL

a) Initial Recognition and Subsequent
measurement:

• Financial liabilities through fair value through
profit or loss (FVTPL): A financial liability
is classified as at FVTPL if it is classified as
held-for-trading, or it is a derivative or it is
designated as such on initial recognition.
Financial liabilities at FVTPL are measured at
fair value and net gains and losses, including
any interest expense, are recognised in
Statement of Profit and Loss.

• Financial liabilities at amortised cost:
Other financial liabilities are subsequently
measured at amortised cost using the
effective interest method. Interest expense
and foreign exchange gains and losses are
recognised in Statement of Profit and Loss.

Interest bearing loans and borrowings are
subsequently measured at amortised cost
using the EIR method. Gains and losses are
recognised in Statement of Profit and Loss when
the liabilities are derecognized as well as through
the EIR amortisation process. For trade and
other payables maturing within one year from
the balance sheet date, the carrying amounts
approximates fair value due to the short maturity
of these instruments.

b) Financial guarantee liability:

Financial guarantee contracts issued by the
Company are those contracts that require a
payment to be made to reimburse the holder for
a loss it incurs because the specified debtor fails
to make a payment when due in accordance with
the terms of a debt instrument.

Foreign exchange gains and losses:

The fair value of financial assets denominated in
a foreign currency is determined in that foreign
currency and translated at the spot rate at the end
of each reporting period.

• For foreign currency denominated financial
assets measured at amortised cost and
FVTPL, the exchange differences are
recognised in profit or loss except for those
which are designated as hedging instruments
in a hedging relationship.

• Changes in the carrying amount of
investments in equity instruments at FVTOCI
relating to changes in foreign currency rates
are recognised in Other Comprehensive
Income.

• For the purposes of recognising foreign
exchange gains and losses, FVTOCI debt
instruments are treated as financial assets
measured at amortised cost. Thus, the
exchange differences on the amortised
cost are recognised in profit or loss and
other changes in the fair value of FVTOCI
financial assets are recognised in Other
Comprehensive Income.

(q) Financial liabilities and equity instruments:
Classification as debt or equity:

Debt and equity instruments issued by a company
are classified as either financial liabilities or as equity
in accordance with the substance of the contractual
arrangements and the definitions of a financial liability
and an equity instrument.

Equity instruments:

An equity instrument is any contract that evidences
a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments issued
by a company entity are recognised at the proceeds
received, net of direct issue costs.

Repurchase of the Company's own equity instruments
is recognised and deducted directly in equity. No gain
or loss is recognised in profit or loss on the purchase,
sale, issue or cancellation of the Company's own equity
instruments.

Financial liabilities:

All financial liabilities are subsequently measured at
amortised cost.

Financial liabilities that are not held-for-trading and
are not designated as at FVTPL are measured at
amortised cost at the end of subsequent accounting
periods. The carrying amounts of financial liabilities
that are subsequently measured at amortised cost are
determined based on the effective interest method.
Interest expense that is not capitalised as part of costs
of an asset is included in the 'Finance costs' line item.

The effective interest method is a method of calculating
the amortised cost of a financial liability and of
allocating interest expense over the relevant period.
The effective interest rate is the rate that exactly
discounts estimated future cash payments (including
all fees that form an integral part of the effective
interest rate, transaction costs and other premiums
or discounts) through the expected life of the financial
liability, or (where appropriate) a shorter period, to the
net carrying amount on initial recognition.

(r) Segment accounting:

The CEO monitors the operating results of the
business segments separately for the purpose of
making decisions about the allocation of resources
and performance assessment. Segment performance
is measured based on profit or loss and is measured
consistently with profit or loss in Financial Statements.

Identification of operating segments:

The operating segment have been identified based on
its services and has one reportable segment, as follow:

i. Supply Chain Management - Goods transportation

service including warehouse management service.

Accounting of Operating Segment:

Accounting policies adopted for segment reporting are
in line with the accounting policies of the Company.
Revenue and expenses have been identified to segment
on the basis of their relationship to the operating
activities of the segment. Revenues and expenses,
which relate to the enterprise as a whole and are not

allocable to segments on a reasonable basis and inter¬
segment revenue and expenses, have been included
under "Unallocated Corporate Expenses/Eliminations".

(u) Earnings per share:

Basic earning per share is calculated by dividing
the profit for the year attributable to equity holders
by the weighted average number of equity shares
outstanding during the period. Diluted earning per
share is calculated by dividing the profit for the period
attributable to the equity holders after considering
the effect of dilution by weighted average number of
equity shares outstanding during the period plus the
weighted average number of equity shares that would
be issued on conversion of all the dilutive potential
equity shares into equity shares.

4) . Operating Cycle:

All assets and liabilities have been classified as current
or non-current as per the Company's normal operating
cycle and other criteria set out in the Schedule III to the
Companies Act, 2013 and Ind AS 1 - Presentation of
Financial Statements based on the nature of products and
the time between the acquisition of assets for processing
and their realisation in cash and cash equivalents.

5) . Use of estimates and judgements:

The preparation of standalone financial statements
in conformity with the recognition and measurement
principles of Ind AS requires management of the
Company to make estimates and judgements that affect
thereportedbalancesofassets andliabilities,disclosures
of contingent liabilities as at the date of standalone
financial statements and the reported amounts of
income and expenses for the periods presented.
Estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the
estimates are revised and future periods are affected.
The Company uses the following critical accounting
judgements, estimates and assumptions in preparation
of its standalone financial statements:

6) . Recent pronouncements:

Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules
as issued from time to time. For the year ended March
31, 2025, MCA has not notified any new standards or
amendments to the existing standards applicable to
the Company.

As at 31 March 2024, the fair value of the investment property is INR 4,336.00. The valuation is performed by an
accredited independent valuer. Valuer is a specialist in valuing this type of investment property and is a registered
valuer. In view of the management, fair value of the investment property as at 31 March 2025 would not be materially
varied. Hence fair valuation from registered valuer as at 31 March 2025 has not been made.

The valuation is based on "Land and Building method".

The Company has no restrictions on the realisability of its investment property and no contractual obligations to
purchase, construct or develop investment property or for repairs, maintenance and enhancements.

(c) Terms and rights attached to equity shares

The Company has one class of equity shares having a par value of INR 10 per share. Each shareholder Is eligible
for one vote per share held and dividend as and when declared by the Company. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend which is paid as and when declared by the Board of Directors. In the event of
liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of
the Company, after distribution of all preferential amounts, in proportion to their shareholding.

This space has been intentionally left blank)

(d) A) The Board of Directors and the Shareholders, in their meetings held on July 15, 2023 and June 30, 2023

respectively, approved inter-alia issuance of 850,000 Share Warrants on preferential basis to Mr. Sanjay
Gupta, Promoter and 625,000 Share Warrants on preferential basis to Non-promoters in accordance with
Section 23, 42 and 62 of the Companies Act, 2013 read with Chapter V of SEBI (Issue of Capital and Disclosure
Requirement) Regulations, 2018. Consequently, the Company allotted 1,475,000 Warrants during the financial
year 2023-24 to the aforesaid Investors against receipt of 25% of issued price of INR 222.60 per Warrant
i.e. INR 55.65 per Warrant aggregating INR 820.84 lakhs. During the previous year, certain Non-promoter
Warrant holder have exercised their options of converting 335,000 Warrants by submitting the necessary
Warrant Exercise Application Form along with paying the balance consideration amount of INR 166.95 per

Warrant (i.e. 75% of the issue price) aggregating INR 559.28 lakhs. Accordingly, the Company had allotted
325,000 equity shares in the ratio of one Equity Share for each Warrant exercised, on February 27, 2024.
Further, during the current year, Promoter as well as Non-promoter Warrant holders have exercised their
options of converting 850,000 Warrants and 290,000 Warrants respectively, by submitting the necessary
Warrant Exercise Application Form along with paying the balance consideration amount of INR 166.95 per
Warrant (i.e. 75% of the issue price) aggregating INR 1,903.23 lakhs.

The total amount aggregating INR 1,903.23 lakhs has been utilised for the purpose of Purchase of property,
plant and equipment, meeting working capital requirements and other corporate purposes.

The Board of Directors and the Shareholders, in their meetings held on February 14, 2024 and February 7,
2024 respectively, approved inter-alia issuance of 300,000 Share Warrants on preferential basis to Mrs. Asha
Gupta, Promoter and 505,000 Share Warrants on preferential basis to Non-promoters in accordance with
Section 23, 42 and 62 of the Companies Act, 2013 read with Chapter V of SEBI (Issue of Capital and Disclosure
Requirement) Regulations, 2018. Consequently, the Company allotted 805,000 Warrants during the financial
year 2023-24 to the aforesaid Investors against receipt of 25% of issued price of INR 371 per Warrant i.e. INR
92.75 per Warrant aggregating INR 746.64 lakhs. During the current year, certain Non-promoter Warrant
holder have exercised their options of converting 260,000 Warrants by submitting the necessary Warrant
Exercise Application Form along with paying the balance consideration amount of INR 278.25 per Warrant
(i.e. 75% of the issue price) aggregating INR 723.45 lakhs. Accordingly, the Company had allotted 260,000
equity shares in the ratio of one Equity Share for each Warrant exercised, on October 5, 2024.

The total amount aggregating INR 723.45 lakhs has been utilised for the purpose of Purchase of property,
plant and equipment, meeting working capital requirements and other corporate purposes.

During the previous year, the Company has sold its investment in one of its associate namely NDR AVG Business Park
Private Limited on January 21, 2024 partially for cash consideration and partially against the allotment of units in NDR
InvIT Trust.

The Company received cash consideration of INR 2,102.57 lakhs against the sale of 69% of the total investment in NDR
AVG Business Part Private Limited leading to profit of INR 1,423.21 lakhs during the Quarter-4 for the previous financial
year, which being exceptional in nature has been disclosed as a separate line item. Also, against the sale of 31% of the
balance investment in the aforesaid associate, the Company has been allotted with 994,928 units of NDR InvIT Trust
costing INR 305.22 lakhs which has been fair valued through statement of profit and loss as at March 31, 2024 and
resulted in fair value gain of INR 702.65 lakhs.

46 Disclosure pursuant to Indian Accounting Standard (Ind AS) 108 "Operating Segment"

a. Basis of identifying operating segments:

Operating segments are identified as those components of the Company (a) that engage in business activities to
earn revenues and incur expenses (including transactions with any of the Company's other components; (b) whose
operating results are regularly reviewed by the Chief Operating Decision Maker (CODM) to make decisions about
resource allocation and performance assessment; and (c) for which discrete financial information is available.

Primary segment

In the current year, the Company's business activity falls in primarily into one segment only i.e. Logistic business.
The Company operates mainly in transportation, warehousing business and other value added services. The
Company has considered one reportable segment and considering transactions individually and collectively
for other small segments are less than 10% of total revenue, internal and external of all segments accordingly
separate disclosure are not required as per Ind AS 108, 'Segment Reporting'.

Geographical segment

Company operates in India only as a single geographical segment.

Two customers accounts for more than 10% of the revenue during the year ended 31 March 2025 (31 March 2024:
two customers).

48 Financial instruments
A. Fair values hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped
into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant
inputs to the measurement, as follows:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments, units of mutual funds (open ended) and traded bonds that have quoted price. Open-ended mutual
funds are valued at Net Asset Value (NAV) declared by respective fund house and are classified under Level 1.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using
valuation techniques which maximise the use of observable market data rely as little as possible on entity specific
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in
level 2, this level of hierarchy includes financial assets, measured using inputs other than quoted prices included
within Level 1 that are observable for the asset, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: This level of hierarchy includes financial instruments measured using inputs that are not based on
observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation
model based on assumptions that are neither supported by prices from observable current market transactions
in the same instrument nor are they based on available market data.

The management assessed that cash and bank balance, trade receivables, trade payables and other current
financial assets and other current financial liabilities approximate their carrying amounts largely due to the short¬
term maturities of these instruments.

49 Financial risk management objectives and policies

The Company's activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The
Company continues to focus on a system-based approach to business risk management. The Company's financial risk
management process seeks to enable the early identification, evaluation and effective management of key risks facing
the business. Backed by strong internal control systems, the current Risk Management Framework rests on policies
and procedures issued by appropriate authorities; process of regular internal reviews/audits to set appropriate risk
limits and controls; monitoring of such risks and compliance confirmation for the same.

a. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market prices comprise three types of risk: interest rate risk, foreign currency risk and price risk.
The Company has in place appropriate risk management policies to limit the impact of these risks on its financial
performance. The Company ensures optimization of cash through fund planning and robust cash management
practices.

(i) Interest rate risk

Interest rate risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates.

The Company is exposed to interest rate risk because Company borrow funds at both fixed and floating interest
rates. However, the risk is managed by the Company by maintaining an appropriate mix between fixed and
floating rate borrowings as majority of the borrowings are either fixed interest bearing or non-interest bearing.
Hence, Company's net exposure to interest risk is minimal.

Details on derivatives instruments and unhedged foreign currency exposures

The year-end foreign currency exposures that have not been hedged by a derivative instrument is nil.

b. Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and
from its investing activities, including deposits with banks. Management has a credit policy in place and the exposure
to credit risk is monitored on an ongoing basis.

i. Financial assets for which loss allowance is measured using life time expected credit losses

The Company provides loss allowance on trade receivables using life time expected credit loss and as per simplified
approach.

ii. Financial assets for which loss allowance is measured using 12 month expected credit losses

All of the Company investments and loans at amortised cost are considered to have low credit risk, and the
loss allowance recognised during the period was therefore limited to 12 months expected losses. Management
considers instruments to be low credit risk when they have a low risk of default and the issuer has a strong
capacity to meet its contractual cash flow obligations in the near term at its own.

(i) Trade receivables

Customer credit risk is managed basis established policies of Company, procedures and controls relating to
customer credit risk management. Outstanding customer receivables are regularly monitored. The Company
does not hold collateral as security.

The Company maintains exposure to Investments, cash equivalents, other bank balances, loans, trade receivables
and other financial assets. The Company has set counter-parties limits based on multiple factors including financial
positions, credit ratings, etc.

The Company's maximum exposure to credit risk as at March 31,2025 and March 31,2024 is the carrying value of
each class of financial assets.

c. Liquidity risk

Liquidity risk is the risk that the Company will encounter in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The approach of the Company to manage liquidity is to
ensure , as far as possible, that these will have sufficient liquidity to meet their respective liabilities when they are due,
under both normal and stressed conditions, without incurring unacceptable losses or risk damage to their reputation.

The Company's objective is to provide financial resources to meet its business objectives in a timely, cost effective
and reliable manner. A balance between continuity of funding and flexibility is maintained through the use of funds
from parent Company. The Company also monitors compliance with its debt covenants. The maturity profile of the
Company's financial liabilities based on contractual undiscounted payments is given in the table below:

d. Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and
all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's
capital management is to ensure that it maintains an efficient capital structure and healthy capital ratios in order to
support its business and maximise shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital
using a gearing ratio, which is net debt divided by total equity. The Company's policy is to keep optimum gearing ratio.
The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and
cash equivalents (including other bank balances).

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure
that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure
requirements.

50 Disclosures pursuant to Indian Accounting Standard (Ind AS) 19 "Employee Benefits"

a) Defined contribution plans:

The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined
contribution plans, for qualifying employees. Under the schemes, the Company incorporated in India is required to
contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised INR 106.70 lakhs
for year ended March 31, 2025 and INR 78.98 lakhs for year ended March 31, 2024 for Provident Fund contributions
and INR 17.71 lakhs for year ended March 31,2025 and INR 14.99 lakhs for year ended March 31,2024 for Employee
State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by
the Company are at rates specified in the rules of the schemes.

b) Defined benefit plans:

Gratuity

The present value obligation is determined based on actuarial valuation using the projected unit credit method to
assess the Plan's liabilities, including those related to death-in-service and incapacity benefits. Under the PUC method
a "projected accrued benefit" is calculated at the beginning of the year and again at the end of the year for each benefit
that will accrue for all active members of the Plan. The "projected accrued benefit" is based on the Plan's accrual
formula and upon service as of the beginning or end of the year, but using a member's final compensation, projected
to the age at which the employee is assumed to leave active service. The plan liability is the actuarial present value of
the "projected accrued benefits" as of the beginning of the year for active members.

Recognition of re-measurement items

Re-measurements arising from defined benefit plans comprise actuarial gains and losses on benefit obligations, the
return on plan assets in excess of what has been estimated and the effect of asset ceiling, if any, in case of over funded
plans. The Company recognises these items of re-measurements immediately in other comprehensive income and all
the other expenses related to defined benefit plans in employee benefit expenses in profit and loss account.

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant.
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same methods (present value of
defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has
been applied as when calculating the defined benefit liability recognised in the balance sheet.

51 Leases
As lessee

(i) The Company has entered into various lease agreements for warehousing and logistics. Such lease contracts
include monthly fixed payments for rentals. The lease contracts are generally cancellable at the option of lessee
during the lease tenure after the completion of non-cancellable period. There are no significant restrictions
imposed under the lease contracts. The following table presents the reconciliation of changes in the carrying
value of Right-of-use assets (ROU) and lease liability for the year ended March 31,2025 and March 31,2024.

Reasons

@ Due to issue of equity shares during the current year, equity share capital and security premium has increased
due to which net capital turnover ration has decreased as compared to the previous year.

% Due to issue of equity shares during the current year, the Company has further regularised and has speed up
payments of creditors using these proceeds thereby leading to improvement in the payment period.

60 The Code on social security, 2020 ('Code') relating to employee benefits during employment and post employment
benefits received presidential assent in September 2020. The code has been published in the Gazette of India. However,
the date on which the code will come into effect has not been notified. The Company will assess the impact of the code
when it comes into effect and will record any related impact in the period the code becomes effective.

61 There were no amounts which were required to be transferred to the Investor and Protection Fund by the Company.

62 The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.

63 The Company has used an accounting software for maintaining its books of accounts, which pertains to processing of
transactions, and which is managed and maintained by a third-party software service provider. However, in absence
of sufficient and appropriate audit evidence including SOC report, we are unable to comment on the statutory
requirements for record retention prescribed under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.

64 The figures for the corresponding previous year have been regrouped/reclassified wherever necessary, to make them
comparable. There are no other subsequent events that occurred after the reporting date.

As per our report of even date

For M S K A & Associates For and on behalf of the Board of Directors

Chartered Accountants AVG Logistics Limited

Firm Registration Number: 105047W CIN: L60200DL2010PLC198327

Naresh Anand Sanjay Gupta Asha Gupta Himanshu Sharma Mukesh Kumar Nagar

Partner Managing Director Director Chief Financial Officer Company Secretary

Membership No.: 503662 DIN: 00527801 DIN: 02864795

Place: Chandigarh Place: Delhi

Date: May 30, 2025 Date: May 30, 2025